Price shock: Why car prices are being driven higher
The cost of everyday items is continuing to rise, with a recent estimate from the Central Statistics Office suggesting consumer prices were 8.2% in the year to the end of May. That translates into higher costs at the shopping tills, leaving many households with less money at the end of the week – and forcing […]
Fuels for Ireland urges new approach to tax on fuel
The fuels industry has said that the Government needs to look at the overall approach to taxation on fuel because the argument that increasing fuel taxes results in decreased demand “just doesn’t follow.” The chief executive of Fuels for Ireland said despite the excise duty cut on petrol and diesel earlier this year, users are […]
‘I don’t know who can afford €4,500 for childcare’
Cliona, a mother of three, was recently quoted €4,500 a month for childcare. She simply cannot afford it. “I don’t know who can afford €4,500 a month and pay a mortgage and have any kind of a life, and put food on the table,” she told Prime Time. “I don’t know anyone who could do […]
Remote workers to get free access to local digital hubs
The Government is announcing a series of new initiatives to support remote working. A voucher scheme will give remote workers free access to local digital hubs and provide at least 10,000 hot desk facilities free of charge to existing hub users and those availing of the facilities for the first time. The scheme will initially […]
Building input price rises could negate easing in property price growth – BPFI
An increase in the supply of housing may be contributing to an easing in the pace of growth in property prices, an analysis from the Banking and Payments Federation Ireland shows. However, it warns that any easing in price growth may be offset by cost pressures in the construction sector, which will likely have a […]
Coffee cup levy ‘sends wrong message’ – retail group
A proposed 20 cent levy on single-use coffee cups “sends the wrong message on sustainability” and the Government needs to rethink its strategy, according to a body representing the retail industry in Ireland. The measure was announced earlier this year by the Government as part of the Circular Economy Bill, which is aimed at reducing […]
Ireland among countries in four-day working week trial
Ireland is among a number of countries taking part in a worldwide initiative trialling a four-day week with no loss of pay. More than 3,000 workers at 70 companies will begin a four-day week with no loss of pay in a trial lasting six months in Britain. The UK experiment is running alongside similar, smaller […]
Inflation hitting lower income households harder – CSO
New research from the Central Statistics Office shows that in March households with the lowest incomes experienced higher inflation, up to 7.6% compared to the average rate of 6.7%. Those in the highest income category had annual estimated inflation of 6.1%, the CSO added. The rate of inflation stood at 6.7% in March and rose […]
Donohoe: Ireland, US, EU at co-operation ‘high point’ on tax
Minster for Finance Paschal Donohoe has said Ireland, the US and the EU are at a “high point” of economic co-operation, particularly over the issue of corporation tax. Speaking in Washington after a meeting with US Treasury Secretary Janet Yellen, Mr Donohoe said he expected the 15% Minimum Corporation Tax Rate will be made law […]
Services growth slows for second month in a row – PMI
More than a year of rapid growth in Ireland’s services sector moderated slightly for the second successive month in May as selling prices and input costs remained close to record highs, a survey showed today. The AIB S&P Global Purchasing Managers’ Index (PMI) fell to 60.2 from 61.7 in March. But the index stayed above […]
Unemployment rate returns to pre-Covid level of 4.7% – CSO
The country’s unemployment rate fell to 4.7% in May from 4.8% in April to return to the level it stood at before the Covid-19 pandemic hit, new figures from the Central Statistics Office showed today. The last time the unemployment rate was lower than 4.7% was in November 2006, towards the end of the “Celtic […]
Construction output falls by 2.4% in Quarter 1
The volume of construction production dropped by 2.4% in the first three months of the year, compared to the final quarter of last year, new data from the CSO shows. This is despite widespread intense activity in the sector as it attempts to catch up from delays caused by the pandemic and ramp up the […]
No disruption expected to gas supply forecast for summer months
Despite the ongoing war in Ukraine, it is expected that restrictions on the importation of Russian gas to the EU will not significantly impact on gas supply to Ireland. That is according to Gas Networks Ireland, which does not envisage any disruption to gas supply during the summer months. In its 2022 Summer Outlook, Gas […]
Factory production growth falls to 15 month low in May
Factory production growth dropped to 15-month low in May, as higher prices reportedly dampened client demand. The latest AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 56.4 in May, down from 59.1 in April. Any figure greater than 50 signals overall improvement of the sector, with the May figure indicating an improvement in […]
Bank of Ireland completes purchase of Davy
Bank of Ireland said today it has completed its €427m deal for J&E Davy Stockbrokers, which was first announced last July. Bank of Ireland said the deal significantly enhances its commercial and strategic objectives. Davy had assets under management of about €20 billion at the end of 2021 and Bank of Ireland said combining its […]
Ornua operating profit up 1.3% to €153.7m for 2021
The country’s largest exporter of Irish dairy products, Ornua, has reported operating profit of €153.7m for 2021, up 1.3%. The dairy co-operative marked 60 years in business and reported an excellent trading performance with group turnover up 6.9% to €2.5 billion. It was another record year for Kerrygold, with volume growth up 12% on 2020. […]
Mortgage approvals drop, switching activity rises
Just over 4,300 mortgages were approved last month, down 5.9% on the previous month and 1.3% on the same time last year. New figures from Banking and Payments Federation Ireland reveal that 53% of the approvals or 2,296 went to First Time Buyers (FTBs), while 923 or 21% went to mover purchasers. The value of […]
Employment Wage Subsidy Scheme for all businesses comes to an end
The Employment Wage Subsidy Scheme (EWSS) ends today for all businesses. In February, most employers moved to a reduced weekly rate of support before the payments were phased out in March and April. Businesses directly impacted by Covid-19 restrictions in December 2021, including many in the hospitality sector, were eligible to continue receiving support under […]